New AML/CFT screening facility launched for financial sector

KARACHI: First Paramount Modaraba managed by Paramount Investments Limited on Wednesday announced the launch of its new Anti-Money Laundering (AML)/Countering Financing of Terrorism (CFT) screening facility for financial sector and other businesses.

In a letter to Pakistan Stock Exchange (PSX) on Wednesday, the company launched the AML/CFT screening in partnership with FinScan®, a global leader in providing technologies for combatting money laundering and financing of terrorism.

It said that thousands of businesses in Pakistan can now secure themselves from the risks of money laundering and financial crimes, through a world-class technology at an affordable cost.

This unique screening facility has been established domestically on a financial grade infrastructure for ensuring complete secrecy of clients’ data.

The newly launched AML/ screening business of Modaraba is well aligned with the expectations of the regulatory authorities and is believed to enhance overall anti-money laundering practices in Pakistan.

Businesses that are being benefited immediately from this screening facility include: Banks; insurance companies; Mutual Funds and Asset Management Firms; Stock Brokerage Houses; Money Exchangers; Modarabas; Chartered Accountant Firms; Lawyers; Real Estate Builders and Brokers; Precious Stone Dealers and Jewelers.

As an only domestically established and cost effective screening facility with the world class technology, it is expected to influence the profitability of Modaraba and hence would bring value to its certificate holders.

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